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Income Tax - Highlights / Catch Notes

Home Highlights February 2019 Year 2019 This

Disallowance of expense of forfeited advance for purchase of ...

Case Laws     Income Tax

February 26, 2019

Disallowance of expense of forfeited advance for purchase of land - the loss was made in the ordinary course of real estate business of assessee and was also incidental to the said business - claim allowed.

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  2. Addition on account of forfeiture of advance - nature of expenses - for whatever reason, the advance given was forfeited. In this view of the matter, the advance given...

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  9. Disallowance of forfeited amount as trade loss - assessee has entered into an agreement and the impugned property was being purchased as stock-in-trade and subsequently...

  10. Advance made for commercial expediency - No disallowance of interest - AT

  11. The Appellate Tribunal addressed various issues: disallowance of provisions for waste disposal expenses due to lack of evidence and scientific basis, upheld disallowance...

  12. Disallowance of fuel expenses - Stating that purchases have been made in cash cannot be the basis for making disallowance . For cash purchases exceeding specified...

  13. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

  14. Disallowance of proportionate cost of land out of solid waste tank expense – cost of land debited by the Assessee in Profit and Loss account is not allowable as revenue...

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